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Shanghai shares tick up amid hope for policy easing
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SHANGHAI stocks inched up today as Chinese Premier Li Keqiang’s remark on policy fine-tuning triggered speculation that the government will act to loosen monetary policy.
The benchmark Shanghai Composite Index added 0.34 percent, or 6.91 points, to 2,041.48. Daily turnover was 59.8 billion yuan (US$9.6 billion).
“China’s economy has stabilized but still faces great downward pressure that should not be taken lightly,” Li said on a tour in Chifeng, a city in Inner Mongolia Autonomous Region.
Li said the government would fine-tune monetary policies appropriately as part of an effort to ease financing difficulties enterprises are facing.
“We believe this statement is stronger than his statements from previous speeches and indicates policy easing may pick up speed,” Zhang Zhiwei, chief China economist of Nomura, said in a note today.
“It reinforces our view that fiscal and monetary policies will be loosened in the second quarter to stabilize growth and counter the risks from the property market,” Zhang added.
Automakers lifted the market up after President Xi Jinping said development of new energy cars is the only way to strengthen China's auto industry.
Sinomach Automobile jumped 4.2 percent to 14.81 yuan. Ningbo Shanshan rose 3.5 percent to 15.08 yuan.
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